S.Korea Fuel Oil Imports Soar
South Korea's move to shut coal-fired generators to control air pollution at the same time as nuclear reactors are going into scheduled maintenance is resulting in surging fuel oil imports, as utilities burn the dirty feedstock to meet power demand. South Korea's trade ministry said in February it would suspend five coal-fired power plants, with a combined capacity of 2.32 gigawatts (GW), from March to June, part of a broad campaign to reduce pollution. That plan may backfire, at least in the short-term.
Importers Buy U.S. Corn at Record Pace
Importers are buying U.S. corn at the fastest pace since the mid-1990s, according to U.S. government data, as tightening stocks in Latin America prompt a rush to purchase cargoes of the grain from animal feeders worldwide. A deepening drought in Argentina and limited corn supplies in Brazil, two of the three largest exporters, have opened a window of opportunity for top supplier the United States, which has the largest available surplus for export. The shopping spree comes as a rare bit of good news for U.S.
Caterpillar May Cut up to 10,000 Jobs
Caterpillar Inc said it could cut up to 10,000 jobs through 2018 as part of its restructuring and cost reduction plans to save up to $1.5 billion annually. The company said on Thursday that it would cut 4,000-5,000 jobs by the end of 2016, most of them in 2015. Caterpillar had 114,233 employees as of Dec. 31, according to Thomson Reuters data. (Reporting by Ankit Ajmera in Bengaluru)
Smartphone App Aims to Aid Migrant Sea Rescues
A smartphone application that allows users to scan the Mediterranean for boats in distress is being tested by a migrant rescue service, which hopes that crowdsourced information will help it save more people. The I SEA App, available on iTunes, divides a satellite image of the sea route migrants are taking into millions of small plots which are, in turn, assigned to registered users. Each user then monitors their plot through the app and can send an alert to the Malta-based Migrant Offshore Aid Station (MOAS) and the authorities if they spot potential trouble.
SNAME Journal in Thomson Reuters Web Index
The Journal of Ship Production and Design (JSPD) published by the Society of Naval Architects and Marine Engineers (SNAME) has been accepted for coverage in the Thomson Reuters Web of Science Index of Scholarly Literature. The SNAME Journal of Ship Research has been indexed in the Web of Science for many years. The Web of Science is recognized as one of the world’s leading source of scholarly research data. The index is the only interface to include subject-specific, unbiased…
COSCO 2013 Net Profit Falls 71%
Chinese shipbuilder COSCO Corp (Singapore) Ltd on Monday reported a 71 percent fall in full-year 2013 net profit, due to lower profit contributions from ship building and marine engineering segments. COSCO Corp, a subsidiary of state-owned maritime industry giant China Ocean Shipping (Group) Co, said its full-year net profit stood at S$30.6 million ($24.14 million), below the Thomson Reuters SmartEstimate of S$43.78 million. The company did not state its fourth-quarter results. In the first nine months of the year, its net profit slumped 68 percent to S$26 million.
Norwegian Seismic Surveyors Stung by Lower Oil
Norwegian seismic surveyors TGS and PGS said on Thursday that demand from oil companies had deteriorated further due to falling oil prices during the quarter and tough market conditions were expected to last. Seismic surveyors, which map out the seabed in search of oil and gas deposits, have been hit this year by energy firms cutting capital spending to protect profit margins and dividends to shareholders and, in recent weeks, by falling oil prices. "Near-term uncertainty in exploration…
Record Number of Migrants Killed Crossing Mediterranean
More than 3,770 migrants and refugees died in 2015 trying to reach Europe by crossing the Mediterranean Sea, making the year the deadliest on record for those seeking sanctuary from conflict and poverty, an international migration group said on Thursday. Most of those deaths occurred along a perilous central Mediterranean route used by smugglers operating out of Libya, according to the International Organization for Migration (IOM). The deadliest month was April, when nearly 1…
Hong Kong's Richest Man Li Ka-shing Retires
Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago.
China Iron Ore Imports Rise in September
Chinese iron ore imports rose in September, according to Reuters data, as its steelmakers ramped up output in the face of global trade tensions about the country's steel exports. Thomson Reuters Supply Chain and Commodity Forecasts data showed 82.5 million tonnes of iron ore, which is used in steelmaking, arrived at Chinese ports in September - up 2.5 percent on August and not far off July's near record levels. The data, based on ship tracking and port figures, does not completely tally with official Chinese customs figures, but typically doesn't vary from them by more than 4 percent.
Indonesia Port Graft Investigation Disrupts Coal Exports
Indonesia is cracking down on corruption and widespread graft at some of its top coal export hubs, disrupting shipments to destinations across Asia. Indonesia is the world's top exporter of thermal coal, still the main feedstock for global power generation. Interruptions to coal's output and shipment can impact seaborne prices of the fuel as well as wholesale electricity markets. The investigations that began on Friday are targeting port operations along the large anchorage area off Samarinda in East Kalimantan…
Schlumberger Slashing 9,000 Jobs
Shlumberger Ltd, the world's No.1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce, as it focuses on controlling costs amid plummeting oil prices. The company said it took charges amounting to $1.77 billion in the fourth quarter including impairment charges related to its seismic business, Venezuela currency devaluation and job cuts. Schlumberger had said last month that it would take a $1 billion charge related to jobs cuts and the writedown of some seismic vessels.
Egypt: Suez Canal Zone to Make Up 30-35% of Economy
Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday. Egypt plans to build an international industrial and logistics hub near the canal to attract foreign investment, alongside a separate scheme in which the army is digging a second canal to facilitate two-way traffic of larger ships. Investment Minister Ashraf Salman said the planned hub would be the centrepiece of a key economic conference planned for the end of next week…
Chesapeake Plans to Cut Drilling Costs by $900M
Reuters - Chesapeake Energy Corp said it planned to cut drilling and well-completion costs by nearly $900 million in 2014 after reporting quarterly results that missed analysts' estimates. The No.2 U.S. natural gas producer, whose shares fell 3 percent in premarket trading, invested about $5.5 billion in drilling and completion activities in 2013. Chesapeake said earlier this month it would cut spending by 20 percent this year and sell assets to plug a $1 billion gap between operating cash flow and capital expenditure.
Union: Workers Need Care as Renewables Replace Fossil Fuels
Coal, oil and gas workers need a secure future as the world moves away from fossil fuel use, and governments and companies must plan to ensure any new global climate change deal is fair for all those impacted, a top trade unionist said. So far there has been little effort to design a "just transition" to a fossil-free future, putting workers in dirty energy sectors on the defensive, said Sharan Burrow, general secretary of the International Trade Union Confederation. "We know that if governments and industry aren't visionary enough to engage in a dialogue…
US Warship Stayed on Collision Course despite Warning
A U.S. warship struck by a container vessel in Japanese waters failed to respond to warning signals or take evasive action before a collision that killed seven of its crew, according to a report of the incident by the Philippine cargo ship's captain. Multiple U.S. and Japanese investigations are under way into how the guided missile destroyer USS Fitzgerald and the much larger ACX Crystal container ship collided in clear weather south of Tokyo Bay in the early hours of June 17.
Aegean Marine Profit Beats Estimates
Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year. The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share. Analysts polled by Thomson Reuters estimated earnings of $0.24 per share on revenues of $1.37 billion for the quarter. Analysts' estimates typically exclude special items.
Chevron Suffers Loss, Plans Job Cuts
Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016, up from a previously stated goal. Chevron reported a net loss of $725 million, or 39 cents per share, compared with a net profit of $2.57 billion, or $1.37 per share, in the year-ago period. Revenue tumbled 31% to $23.55 billion. Analysts projected a loss of 20 cents on $21.43 billion in revenue, according to Thomson Reuters.
Canadian National Rides High in Intermodal Growth
The Montreal-based Canadian National Railway (CN) reported a higher fourth-quarter profit and raised its dividend, bucking a weak trend among major North American railroads. However, it has given an uncertain but far rosier outlooks for 2016 than most of its North American counterparts after strong international intermodal volume gains helped propel it to a double-digit profit rise. CN said profit rose to $941-million while diluted earnings per share increased by 15 per cent to $1.18. Revenue fell by 1 per cent to $3.2-billion as carloads declined by 8 per cent.
Thomson Reuters Recognizes ABB as Top Innovators
ABB has been recognized by Thomson Reuters as one of the world’s top 100 innovators for a third year. This award acknowledges companies around the world for their outstanding commitment to global innovation, the protection of ideas and the commercialization of inventions. “This recognition is a strong endorsement. Innovation is ingrained in the DNA of ABB and a pillar of our Next Level strategy,” said ABB Chief Executive Officer Ulrich Spiesshofer. ABB announced its Next Level strategy in September 2014.
Royal Caribbean Profit Jumps on Higher European Demand
Royal Caribbean Cruises Ltd's quarterly profit beat analysts' average estimate as demand for its European and Chinese cruises increased and passengers spent more on board, helping it raise its full-year profit forecast. Shares of the world's second-largest cruise operator rose as much as 9.1 percent to a life-high of $61.35. European cruises account for 22 percent of the capacity in the company, whose cruise lines include Royal Caribbean International, Celebrity Cruises and Azamara Club Cruise. The company raised its full-year earnings forecast to $3.40-$3.50 per share, from $3.25-$3.45.
Top LNG Buyers Form Alliance to Push for Flexible Contracts
The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers. Japan, China and South Korea are the world's biggest LNG importers, accounting for about 55 percent of global purchases, according to data from energy consultancy Wood Mackenzie. The countries' biggest respective buyers are joining together to extract concessions from producers that would give them supply flexibility such as having the right to re-sell imports to third parties…
Brazil Exports Soy from New Northeast Terminal
Two soybean cargoes have recently departed from a new terminal in northeast Brazil operated by VLI and local trader Multigrain, the latest option in the region as exporters look for alternatives to Brazil's overcrowded southern ports. A third ship carrying 27,800 tonnes of soy contracted by Multigrain is anchored in the Barra dos Coqueiros terminal in Sergipe state, according to shipping agencies and Thomson Reuters data. The first known soy terminal in Sergipe will export just 150…
Bulkers to Benefit as China Iron Ore Appetite Grows
It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.
China M&A Rulings Create Hot Competition for Antitrust Lawyers
China's increasing regulatory influence over international mergers and acquisitions has helped to create the hottest new commodity in its legal industry: anti-trust lawyers. Six years ago, China did not even have a legal system for regulating the impact of M&A on competition. Today, its Ministry of Commerce is the biggest wildcard for dealmakers trying to get a major cross-border deal past anti-trust regulators. The ministry's decision last month to reject Danish shipping group A.P.
Carnival's Profit Forecast Down
Carnival Corp, the world's largest cruise operator, forecast an adjusted profit below market estimates for the current quarter, blaming increased competition in the Caribbean. Shares of the company, which operates the Carnival, Holland America and Costa cruise lines, fell as much as 3 percent. "The North American brands are ahead on price but are still behind on occupancy as a result of the large increase in industry capacity in the Caribbean," Chief Financial Officer David Bernstein said on a conference call.